New projections from the Bureau of Labor Statistics (BLS) indicate significant employment growth for the construction industry over the next decade. In this article from the NAHB Eye On Housing blog, Robert Dietz of the National Association of Home Builders reports on some of the details of the BLS employment projections.
According to the BLS, the construction sector is expected to add 790,400 jobs through 2024. This places the construction sector fourth among major industries. The health and social assistance sector leads with a forecasted 3.8 million job gain, followed by professional and business services (1.9 million) and the leisure and hospitality sector (941,200).
In percentage terms, the construction sector ranks second in terms of expected growth. The construction industry is expected to experience 1.2% compounded annual growth for jobs over 2014-2024. Only the health and social assistance industry (1.9%) exceeds this growth rate.
The projections utilize a number of structural variables regarding the future growth of the economy. With respect to construction activity, the BLS models residential fixed investment as growing at a 3.7% annual rate, with 7.7% for single-family and 2.2% for multifamily. Nonresidential structure investment is modeled as growing at an annual 3% rate.
The BLS report provides additional detail at the occupation level of analysis for the 2014-2024 period. Within the construction worker occupation, the top growing jobs include solar photovoltaic installers (24.3% total growth over ten years), iron/rebar workers (23.4%), insulation workers (19.4%), brickmasons and blockmasons (17.9%), electricians (13.7%), and earth drillers (13.6%).
